‘This is the time for Bitcoin’ Says Billionaire Investor Mike Novogratz

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'This is the time for Bitcoin' Says Billionaire Investor Mike Novogratz
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Bitcoin is an excellent investment in times of crisis… At least if you believe what Mike Novogratz has to say.

In an interview with Bloomberg TV, the well-known investor and CEO of Galaxy Digital said that “this is the time for bitcoin”. This despite the host’s skepticism who seemed to be unsure of his claims in light of the decline in Bitcoin prices since 2017.

Bitcoin – An 11-Year-Old Experiment

To explain this poor performance, Novogratz points out that Bitcoin is an 11-year-old experiment, and it just started to solidify in the world market as a “macro weapon” during the last year or two, imposing itself over some fiat currencies thanks to a large number of benefits it offers compared to traditional investment systems.

Novogratz mentions how the fed’s big bazooka buying high — a reference to Federal Reserve Chair Jerome Powell’s latest statements that the Fed is prepared to expand its balance sheet indefinitely by curbing any lasting damage to the US economy — will cause a monetization of debt unlike anything ever seen before.

He stressed that this will never happen with bitcoin, because unlike traditional fiat currencies that can be printed and manipulated by central banks, BTC has a maximum supply of 21 million, which cannot and will not be manipulated.

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Will 2020 Be A Great Year For Bitcoin?

Novogratz is still confident that this will be the best year for bitcoin, as he said in previous interviews that he would leave BTC investments aside if the price doesn’t hit $20k.

Bitcoin is having more adoption in the US and Europe than ever before. “The risk on any store of value, if it’s gold, is that enough people believe in it,” said Novogratz, feeling confident about how bitcoin is gaining acceptance worldwide each year.

On the other hand, Mr. Novogratz stated that Bitcoin has not kept its price up due to the number of traders and investors in the Asian market. According to his perception, these traders exert great pressure on the market with their massive positions, making traditional investors – used to less volatile and manipulable markets such as stocks – lose interest in the crypto sphere.

Bitcoin has had a very tough Q1 due to an unexpected crisis, but still, many investors and analysts consider it to be the best asset to own at this time, unlike traditional fiat products that many investors believe to be highly inflationary due to poor manipulation.